Transocean, Chevron Ink 5-Year Contract for New Drillship

Transocean Ltd. announced it has been awarded a five-year contract for a newbuild dynamically positioned ultra-deepwater drillship by Chevron U.S.A. Inc. Shipyard delivery is scheduled for the second quarter of 2016.

After customer acceptance, the contract is expected to commence in the fourth quarter of 2016, contributing an estimated revenue backlog of approximately $1.1 billion, excluding mobilization. Excluding capitalized interest, the capital investment for the newbuild drillship is an estimated $725 million. Capital costs include the shipyard contract; project management; all owner-furnished equipment; capital spares and inventory; and all costs associated with operational readiness.

Featuring state-of-the-art equipment, the newbuild drillship will include Transocean’s patented dual-activity drilling technology that allows for parallel drilling operations. The vessel will be outfitted with two 15,000 psi blowout preventers (BOPs) which are expected to reduce non-productive time between wells. The drillship will be able to accommodate a future upgrade to a 20,000 psi BOP when it becomes available from the OEM suppliers. The rig will also feature an industry-leading 2.5-million-pound hook load capacity, a variable deckload capacity of 23,000 metric tons, enhanced well-completion capabilities and diesel engines configured to comply with anticipated Tier III International Maritime Organization (IMO) emissions standards. The drillship is designed and outfitted to operate in water depths of up to 12,000 feet and drill wells to 40,000 feet. In addition, the drillship will have accommodations for 240 people.

Construction of the newbuild drillship is expected to commence during the fourth quarter of 2014 at the Daewoo Shipbuilding and Marine Engineering Co., Ltd. facility in Okpo, South Korea, where Transocean’s five Enhanced Enterprise-Class rigs were built and where the company currently has six other ultra-deepwater drillships under construction.

“We are delighted to continue our partnership with Chevron in pioneering ultra-deepwater drillships that in the past have set world records and achieved strong utilization with time-saving efficiencies,” said Steven L. Newman, President and Chief Executive Officer of Transocean Ltd. “Further, the addition of this latest newbuild drillship demonstrates the execution of our asset strategy and commitment to increasing our exposure to high-specification floaters with industry-leading capabilities.”

Press Release, October 16, 2013

 

Share this article

Follow Offshore Energy Today

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

OTC Asia 2018

The biennial OTC Asia is where energy professionals meet to exchange ideas and opinions to advance scientific and technical knowledge…

read more >

THE 5TH OIL & GAS VIETNAM 2017

The 5th edition of Oil & Gas Vietnam (OGAV) exhibition 2017 is the only specialized event in Vietnam that brings together an international…

read more >

FPSO Europe Congress 2018

The FPSO Europe Congress 2018 builds on these themes, lending a particular focus to FPSO Value Preservation and Operational Excellence…

read more >

Arabia 2018 Conference and Exhibition

Offshore Arabia is a focused prestigious meeting place of the Offshore Industry, and it’s diverse spectrum from the Oil & Gas…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you’ll reach countless professionals in the sector. For more information, click below...

apply